ASUPS Financial Code
Amended February 14th, 2013 by the ASUPS Senate
Article l: Scope of Financial Code
The Financial Code of the Associated Students of the University of Puget Sound
(hereby known as ASUPS) defines the procedures for ASUPS funding, general
accounting procedures, and guidelines for all ASUPS registered organizations. This
document also lists the designated responsible parties for each account in the ASUPS
account system. The ASUPS Financial Code contains general financial guidelines and
includes definitions of relevant terms and the procedures to follow when amendments to
the document are to be made.
Section 1: Definitions
1.
Supporting documentation. A detail receipt or invoice from the provider of the
goods or service and supplemental information provided by the responsible ASUPS
department or organization that together identifies the amount, date, place, essential
character, and ASUPS business purpose of the expense.
2.
Disbursement. Payment of funds by cash, check, direct deposit, or wire transfer,
as appropriate.
3.
Record keeping. List of club accounts, indices and transactions, as reflected in
Cascade.
4.
Organization. Any club, organization, media, or programming department
recognized by ASUPS.
5.
ASUPS reserve accounts. ASUPS has two reserve accounts. They are the
Contingency Reserve account for future operating uncertainties and the Capital
Expenditure Reserve account for ongoing replacement of ASUPS assets.
6.
ASUPS General Manager. The university’s Vice-President for Finance and
Administration.
Article II: Funding Process
Section 1: Funding of ASUPS
1.
Student government fees are the primary source of ASUPS funding. The
amount of funds available varies according to the number of ASUPS fee-paying
students and the amount of the fee.
2.
Clubs and organizations must be allocated a minimum of 3% of the total levied
fees of ASUPS.
3.
The ASUPS programming departments must be allocated a minimum of 25% of
the total levied fees of ASUPS.
4.
The ASUPS media departments must be allocated a minimum of 20% of the total
levied fees of ASUPS.
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Section 2: Funding of ASUPS Finance Committee, Contingency
Reserve, and Capital Expenditures Reserve Accounts
1.
The primary source of the ASUPS Finance Committee account will be 3-7% of
the total levied fees. 7% of the anticipated total levied fees are to be allocated into the
account before the budget process begins. During the budget and appeal process
should any additional funds be needed and approved for budgets, funds may be
removed from the Finance Committee account and placed into those budgets as long
as at least 3% of the total levied fees remains in the Finance Committee account to
address unanticipated expenses or opportunities that arise during the course of the year.
2.
Should any funds not be allocated by the ASUPS Senate during the budget
process, they are to be deposited into the ASUPS Finance Committee account.
3.
At the end of the fiscal year, the balance of all ASUPS accounts, except those
balances that are approved under ASUPS Club Guidelines and Policies to rollover, will
be transferred to the ASUPS Contingency Reserve account. The ASUPS Contingency
Reserve Account shall, at the beginning of each fiscal year, have no less than 3% of the
current fiscal year’s budgeted levied fees.
4.
Any funds above the required level in the ASUPS Contingency Reserve account
will be transferred into the ASUPS Capital Expenditures Reserve account at the
beginning of the fiscal year. The ASUPS Capital Expenditures Reserve account shall
have no less than 10% of the current year’s levied fees and shall have sufficient funds
to replace ASUPS’ equipment on a prudent frequency as specified in a long-term capital
plan developed and documented by ASUPS officers and reviewed annually with the
ASUPS General Manager. In any given fiscal year one-quarter (twenty-five percent) of
any funds within the ASUPS Capital Reserve account in excess of the most
conservative numbers specified in the long-term capital plan may be withdrawn and
placed into an ASUPS Special Projects account, if approved by the ASUPS General
Manager and a two-thirds majority of the ASUPS Senate. The purpose of the ASUPS
Special Projects account is to fund one-time or pilot projects or events that do not
involve a long-term funding commitment. Disbursements from the ASUPS Special
Projects account follow the Accounting Process described in Article III of this Financial
Code.
Section 3: ASUPS Funding of Student Scholarship and Student
Research
1.
ASUPS will contribute $1 per student government fee reserved to support the
Student-to-Student Scholarship Fund. This is a way for ASUPS to honor students who
exemplify leadership in a multitude of on-and/or off-campus activities. No additional
ASUPS funds will be used for student scholarship.
2.
ASUPS will contribute $1 per student government fee received to student
research programs managed by the Academic Dean’s office. This is a way for ASUPS
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to express its support and underscore the importance of student research. No
additional ASUPS funds will be used for student research.
Section 4: Funding of ASUPS Organizations
1.
Eligible Organizations
a.
Only registered organizations may request a budget allocation from ASUPS.
b.
The ASUPS Senate may grant a temporary waiver to an organization that wishes
to request funds but has not yet been registered. The waiver will only be valid during
the ASUPS Senate budget hearings. Allocated funds cannot be released in the next
fiscal year until the waived organization completes requirements for registration and has
been formally recognized by a majority vote of the ASUPS Senate.
c.
No funds shall be granted for the purpose of supporting any political party or
political activity (see also the campus-wide policy on political activity).
d.
No funds shall be granted to any ASUPS club or organization for the purpose of
paying stipends to members receiving university credit for their involvement.
2.
Submitting a Request
a.
A one week period will be open to receive funding requests from recognized
organizations.
b.
Requests received after the designated week may be considered at the option of
the Budget Committee.
3.
The Budget Committee shall have the membership, powers, and responsibilities
as stated in the ASUPS By-laws, Article IV, Section 3.
4.
Criteria for Evaluation. The Budget Committee will evaluate each budget request
on the individual merits of the request. Criteria to be considered in the budget
evaluation process will include the organization’s:
a.
Degree of positive promotion and reflection of the ideals, interests, and goals of
the University of Puget Sound community.
b.
Appeal to the student body through its activities and programs.
c.
Degree of student participation in its programs per dollar spent for the program;
this includes the number of students participating and the number of students served by
the activity or event.
d.
Attempt to secure funding from sources other than ASUPS.
e.
Disclosure of non-ASUPS funding to the Budget Committee.
f.
History of involvement on campus.
g.
Benefits offered to the students involved.
h.
Projected possible growth or decline.
i.
Past record of revenues and expenditures to evaluate history of spending.
5.
Budget Committee First Hearings
a.
All Student Programs, Media, inter-office divisions of ASUPS, and organizations
designated by the Budget Committee will, at a prearranged time, meet with the Budget
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Committee for an initial hearing. Any other prospective organizations may also
schedule a hearing.
b.
The organization may send more than one member, but the spokesperson must
be a student returning the next year who will be involved in the organization.
c.
The Budget Committee will analyze whether all criteria have been met and may
seek necessary clarification.
1.
It is required that all groups seeking funding from the Budget Committee turn in
a re-registration form indicating future officers prior to the budget hearings.
d.
The Chairperson of the committee will inform the representative when the first
recommendations will be completed.
6.
Proposed Budgets Sent Out
a.
Upon completion of all first hearings, the Budget Committee will evaluate all
proposals using the criteria explained in Section 4.4. Decisions to decrease or increase
the organizations’ proposed budgets will be based on these evaluations.
b.
Each organization shall receive a copy of the proposed allocation within five days
of the completion of the first evaluation process.
7.
Appeals to the Budget Committee
a.
Any organization not satisfied with the first decision of the ASUPS Budget
Committee may, at the time of notification of initial recommendation, file an appeal.
b.
The representative from the organization will provide additional information to the
Budget Committee. The Budget Committee will then make a second recommendation
taking the new information into consideration.
c.
The Chairperson of the committee will inform the representative of the
organization when the final recommendation will take place.
d.
Based upon this new information, the Budget Committee shall re-evaluate the
organization’s budget and make appropriate adjustments.
8.
First ASUPS Budget Presentation
a.
Senate members will be given individual copies of the proposed allocations
before Senate hearings begin.
b.
The Budget Committee will meet with members of the ASUPS Senate in closed
session to discuss the proposed allocations.
c.
The Budget Committee will disclose to the ASUPS Senate any information
regarding the original requested amounts, subsequent requests, and rationale for
proposed amounts.
d.
The first hearing is to be informational only and will not involve voting on budget
allocations.
9.
Second ASUPS Budget Presentation
a.
Members from all organizations with proposals for funding will be contacted and
required to attend. No allocation may be voted on without at least one member from the
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organization present. If no representative is available, the club may request that the
ASUPS VP accept allocation on their behalf.
b.
Organizations with no representative present will have their allocation tabled until
a representative is present at a subsequent meeting, unless they have notified the Vice
President at least 24 hours in advance to receive a pardon.
c.
The budget must allow for 3-7% of the total levied fees to be set aside in the
ASUPS Finance Committee Account to allow for the unanticipated, funding the
operating budgets of clubs that form during the academic year, and to protect against
budget deficits.
d.
Before allocations are made, the budget must also allow for $1 from each
student’s government fees to be put into the ASUPS Student-to-Student Scholarship
Fund.
e.
All proposed funding for conferences will not be considered during the budget
process. The line items will be given a zero amount. Money for conferences must be
applied for during the next school year by making proposals to the Finance Committee.
f.
Requests for capital expenditures shall be reviewed during the spring budget
process.
g.
The ASUPS Senate, at its discretion, may change amounts recommended by the
Budget Committee.
h.
Any funds not allocated by the ASUPS Senate are to be deposited to the ASUPS
Finance Committee Account.
i.
Any additional funds above those approved by Senate must be requested by
organizations during the next fiscal year.
j.
The Budget Hearings are considered complete when the total amount of funding
sources is balanced with the total allocation made by the ASUPS Senate.
10. Final Budget Report
a.
The report must be finished before the last official day of the spring term.
b.
The current ASUPS Vice President may request an extension of this deadline to
the full Senate. A 2/3 affirmative vote will authorize the extension.
Section 5: Funding Through the Finance Committee
1.
The Finance Committee account is funded within the current budget and is
designed to meet financial needs that were unforeseen in the budgeting process of the
previous fiscal year.
2.
Procedure for allocation
a.
Organizations shall submit a written proposal to the ASUPS Vice President prior
to the next ASUPS Finance Committee meeting.
b.
The ASUPS Vice President will present the proposal to the ASUPS Finance
Committee for consideration.
c.
If the written proposal is denied, the ASUPS Finance Committee must issue a
written report to the organization as well as to the ASUPS Senate.
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d.
If approved by the ASUPS Finance Committee, the written proposal will be
presented to the ASUPS Senate.
e.
Members from all organizations with proposals for funding will be contacted and
required to attend. No allocation may be voted on without at least one member from the
organization present. If no representative is available, the club may request that the
ASUPS VP accept the allocation on their behalf.
f.
The ASUPS Senate may approve an allocation with a majority vote.
g.
All financial guidelines must be followed as outlined in the ASUPS Financial
Code as well as any other guidelines which the ASUPS Senate deems appropriate to
the individual allocation.
Section 6: Funding Through the Contingency Reserve Account and
the Capital Expenditures Reserve Account
1.
Purpose
a.
Except for balances in ASUPS accounts that were approved under ASUPS Club
Guidelines and Policies to rollover separately, the Contingency Reserve account and
the Capital Expenditures Reserve account represent the net of all revenues and
expenses from prior fiscal years. The annual close-out of revenues, expenditures, and
transfers to these reserve accounts (i.e., net assets) is in accordance with generally
accepted accounting principles.
b.
The Contingency Reserve account provides protection against unanticipated
declines in revenue or increases in expenditures.
c.
The Capital Expenditures Reserve account allows for the periodic replacement of
capital items in accordance with the replacement plan outlined in the ASUPS long-term
capital planning document.
2.
Procedure for Allocation
a.
The Contingency Reserve account may only be accessed in the event the
annual ASUPS ledger is overdrawn.
b.
The Capital Expenditures Reserve Account may only be accessed with the
approval of the ASUPS Senate as recommended by the Finance Committee.
Article lll: Accounting Process
Section 1: General Procedure
1.
Requesting a Disbursement
a.
ASUPS Disbursement Request forms must be filled out in full by the department
or organization making the request and need to be accompanied by original, supporting
documentation and signed by an authorized signer as identified in Article lll, Section 2.2
below.
b.
Requests received by ASUPS Director of Business Services that do not have
adequate supporting documentation or are not signed by an authorized signer as
identified in Article lll, Section 2.2 will be returned to the originating ASUPS
department/organization.
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c.
For personal reimbursements, at least ten working days are to be allowed from
the date submitted to the ASUPS Director of Business Services to the date a check is
issued or cash reimbursement is ready for pick up. Disbursements for payments to
vendors (non-university persons) are paid according to the vendor terms. The
university’s preferred vendor terms are payment in full due 30 days from the date of the
vendor’s invoice.
2.
Processing Disbursement Requests
a.
The ASUPS Director of Business Services will make sure that all expenditures
fall within the guidelines and budget set by the ASUPS Senate.
b.
The ASUPS Director of Business Services will review all disbursement requests
for proper funding, account numbers, and supporting documentation.
c.
Two signatures from within ASUPS are needed to authorize any disbursement
request. Authorized signatures will be those of the ASUPS President, the ASUPS Vice
President, the ASUPS Director of Business Services, or the ASUPS Administrative
Assistant.
d.
The original disbursement request form and original, supporting documentation
shall be collected and sent to the ASUPS General Manager for final for amounts over
$1,000. Amounts less than or equal to $1,000 can be authorized exclusively by ASUPS
with one executive’s signature and one administrative assistant’s signature, or two
executives’ signatures.
e.
From the ASUPS office or General Manager’s office, the original form and
supporting documentation shall be sent to the Accounts Payable office where the
request will be processed.
f.
Expense reimbursements to students of $50 or less can be picked up in cash at
the Accounts Payable office if requested on the Disbursement Request form. All other
payments will be made via check or direct deposit and will be distributed as indicated on
the form. Check distribution options include U.S. mail, campus mail box, and personal
pick-up at the Accounts Payable office.
g.
Any cash or checks not picked up in a timely fashion will be handled in
accordance with university policy and Washington State unclaimed property laws.
h.
Stipends shall not be paid in advance and shall be processed by the university’s
Accounting and Budget Services department in accordance with their published
schedules, university policy, and IRS rules or other applicable regulations.
3.
Deposits
a.
All deposits will be made using the appropriate university deposit form.
b.
Deposits to all ASUPS accounts must be hand delivered to the university’s
Student Financial Services office within three days of receipt.
c.
If a deposit must be mailed, special arrangements must be made with the
ASUPS Director of Business Services.
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d.
Cash receipt slips are filled out entirely, specifying account name, cash amount,
and reason for deposit. All checks must be endorsed and a tape included to verify the
total check deposit.
e.
All depositors shall receive a receipt.
f.
The appropriate receipt is sent to the ASUPS Director of Business Services.
g.
The ASUPS Director of Business Services will file the receipt in the appropriate
fashion.
h.
Deposit procedures shall be in compliance with university cash handling policies.
4.
Transfers Between Account
a.
With proper approval, funds can be transferred from any ASUPS financial
account to any other financial account within the ASUPS accounting system.
b.
Transfers between accounts are hereby known as “Transfer of Funds”.
c.
The department or organization may request a transfer of funds by sending an
email from an authorized representative of the department or organization to the
ASUPS DBS (asupsdbs@ups.edu).
d.
The ASUPS DBS will approve the transfer via e-mail to Accounts Payable at
acctspayable-1@listhost.ups.edu, with a copy to the ASUPS General Manager and
either the ASUPS President or Vice President.
5.
Fiscal Year Account Closing
a.
The fiscal year period begins July 1 of one calendar year and ends June 30 the
following calendar year.
b.
Except for balances in ASUPS financial accounts that are approved under
ASUPS Club Guidelines and Policies to rollover separately, any funds allocated by
ASUPS to an organization that remain after the close of the fiscal year will be
transferred into the ASUPS Contingency Reserve account.
c.
Unallocated Finance Committee account funds will be deposited into the ASUPS
Contingency Reserve account upon the close of the fiscal year.
6.
Fiscal Year Opening
a.
Following University Board of Trustee approval of the annual operating budget
assumptions (typically in February),the University’s Accounting and Budget Services
department provides the ASUPS Director of Business Services with a worksheet and
guidelines to compile a detailed ASUPS operating budget for the coming year. The
ASUPS Director of Business Services completes and returns the ASUPS budget
worksheet to the designated staff person in Accounting and Budget Services at least 5
days prior to presentation of the budget to ASUPS Senate for approval. The designated
Accounting and Budget Services staff person reviews the worksheet to confirm that it is
in line with this ASUPS Financial Code and other applicable policies, coordinates any
necessary adjustments with the ASUPS Director of Business Services, and notifies the
ASUPS General Manager, ASUPS President, ASUPS Vice President, and the ASUPS
Director of Business Services when review/confirmation is complete.
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b.
Following this notification by Accounting and Budget Services and before
presentation of the budget to the ASUPS Senate for approval, the ASUPS Director of
Business Services (the ASUPS President and Vice President might also choose to
participate) reviews the budget with the ASUPS General Manager.
c.
After the ASUPS General Manager and the ASUPS Senate have reviewed the
ASUPS budget, Accounting and Budget Services will upload the detailed ASUPS
budget to the accounting system that is viewable via the Web.
d.
The ASUPS Director of Business Services reserves the right not to process
financial requests of an organization at the beginning of the fiscal year until the
treasurer of that organization is adequately trained in accounting procedures.
Section 2: ASUPS Accounting Matters
1.
Accounting Responsibility
a.
The ASUPS Director of Business Services is responsible for ensuring proper
supporting documentation, record retention, smooth processing and routine monitoring
of all ASUPS accounts as designated by the ASUPS Senate.
b.
The ASUPS Director of Business Services is responsible for ensuring that all
outstanding deposits, receivable, invoices, and liabilities are reported to the university’s
Accounting and Budget Services department each year end according to that office’s
year end schedule.
c.
The ASUPS Vice President is ultimately responsible for oversight of all ASUPS
accounts as designated by the ASUPS Senate.
2.
Authorized Signatures/ASUPS Cash/Check Disbursement Requests
a.
Authorized signature forms must be filed at the beginning of the school year.
b.
Only authorized individuals of organizations may request funds from the ASUPS
Vice President or the ASUPS Director of Business Services using an ASUPS
Cash/Check Disbursement Request form.
3.
Record Retention
a.
The ASUPS Director of Business Services shall keep the prior fiscal year’s
disbursement request copies on file during the current fiscal year.
b.
All original disbursement request supporting documentation is held by the
university’s Accounting and Budget Services department in accordance with the
university’s retention policies and applicable laws and regulations.
Article IV: General Financial Policies
Section 1: Signing and Use of Contracts
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1.
Contracts shall be used when employing entertainment or professional services
for short term programs and must adhere to the university’s contract policy as approved
by the university’s Board of Trustees.
2.
All programming organizations must either use a standardized contract available
from the Associate Vice President for Treasury or be submitted for a contract review.
3.
All contracts must be signed by the Director of Student Programs and by a
faculty or staff member of the university authorized to execute the type of contract
needed before they will be considered valid. The authority to sign contracts is
determined by the university’s contract policy.
4.
Other contracts, not employing entertainment or professional services, must bear
two authorized ASUPS signatures in addition to the signature of the ASUPS General
Manager. These contracts must then be approved by the ASUPS Senate. If the
ASUPS General Manager is not an officer with authority to sign on behalf of the
university, such an officer also needs to sign these contracts.
5.
In no event may the signing and use of contracts as specified herein be in conflict
with the university’s policy on contracts.
Section 2: Outside Accounts
1.
No ASUPS Organization shall be allowed to hold an account outside the
ASUPS-university accounting system.
Section 3: Gambling
1.
ASUPS defines gambling as stated in Washington State Law.
2.
With the exception of raffles held by an organization under approval of the
ASUPS Vice President and the ASUPS General Manager, gambling in any form by
organizations will be considered a violation of the Financial Code and will be treated as
such.
Article V: Violation of the Financial Code
Section 1: ASUPS Vice President’s Action
1.
Upon discovery of a Financial Code violation the ASUPS Vice President may
partially freeze the accounts of an organization responsible for the violation.
2.
A partial freeze on an account will be defined as disallowing access to the
specific organization’s account for further expenditures.
3.
The ASUPS Vice President may freeze an organization’s account for a period of
twenty-four hours beginning the next business day following the discovery of the
infraction.
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4.
The freeze will be considered valid only if the ASUPS Vice President contacts an
officer within the organization whose account is being frozen.
Section 2: ASUPS President’s Action
1.
The ASUPS President must approve the extension of a freeze beyond the 24hour period initiated by the ASUPS Vice President.
2.
The ASUPS President may freeze funds for a period of time until the next formal
meeting of the ASUPS Senate.
3.
The ASUPS President may impose a complete freeze on an organization’s
account if the situation is warranted.
4.
A complete freeze of an organization’s account includes the elements of a partial
freeze as well as suspension of any use by the organization of ASUPS or University
facilities. In effect, the recognition of an organization is temporarily suspended.
5.
The ASUPS President must give verbal and written communication to the
organization whose accounts are being frozen.
Section 3: ASUPS Senate Action on Frozen Status
1.
The ASUPS President and Vice President must present the information and
evidence supporting the action of the freeze at the first formal ASUPS Senate meeting
following the freeze.
2.
The ASUPS Senate must grant the affected organization an opportunity to
present its case.
3.
The ASUPS Senate must approve the extension of a freeze on a weekly basis by
a majority vote.
4.
Following the fourth consecutive week that the ASUPS Senate approved a partial
freeze all frozen funds contained in the funded account shall be revoked and transferred
into the ASUPS Finance Committee account. The organization shall still be recognized
and be able to seek funding in the prescribed manner.
5.
Following the fourth consecutive week that the ASUPS Senate approves a
complete freeze, all funds contained in the funded account shall be revoked as well as
the organization’s recognition. All privileges and services accorded to a recognized
organization shall be withdrawn.
6.
An organization which has had its recognition revoked may submit a new request
for recognition within 30 days after the previous recognition has been repealed.
Section 4: Appealing ASUPS Senate Action
1.
An organization may appeal ASUPS Senate action by approaching the ASUPS
Honor Court.
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2.
The ASUPS Honor Court may overrule the ASUPS Senate and restore full
account access and/or recognized status.
3.
The ASUPS Vice President must represent ASUPS in the ASUPS Honor Court
proceedings.
4.
An organization will be considered non-recognized while the ASUPS Honor Court
is hearing the case, unless the Court grants a temporary restraining order.
Article VI: Amending the Financial Code
Section 1: Procedure
1.
A proposed amendment to the ASUPS Financial Code must be presented to the
ASUPS Senate and then given to the ASUPS Governance Committee for evaluation.
Their recommendation will be sent back to the ASUPS Senate for their approval.
2.
Changes to Articles ll, lll, and lV of the Financial Code must be approved by the
ASUPS General Manager before final Senate approval.
3.
Any member of the ASUPS may offer amendments to the Financial Code.
4.
An amendment must be passed by a 2/3 majority of the ASUPS Senate.
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